Pakistan Sells 75% of PIA to Arif Habib-Led Consortium in Rs135 Billion Deal

Overview

• The federal cabinet approved the transaction, with the state retaining a 25% stake and management control to shift after legal and financial closing.
• Reporting says the top bid of Rs135 billion beat the government’s reference price, securing a controlling stake for the Arif Habib-led group.
• Accounts describe a competitive auction in Islamabad with three bidders and a live broadcast, while critics fault limited disclosure on valuation and post-sale terms.
• The finance ministry’s FY24 SOE report cites over Rs13.5 trillion in revenues but persistent losses, including Rs851 billion in loss-making entities, Rs5.7 trillion in accumulated losses since 2014, and Rs1.6 trillion in fiscal support last year.
• The Daily Times reports the government absorbed more than Rs670 billion of PIA debt before the sale, as experts caution that real improvement requires restructuring, accountability, and enforceable competition.